The world today is heavily dependent on the internet for the smallest amount of work. The internet has a vast amount of information from your home address to your credit card details. Since so much data is available online, cybersecurity becomes prominent.

As almost everything and every business has gone online in recent years, cyber security will remain a major challenge in 2022 and the upcoming years. The top emerging cybersecurity challenges discussed in detail here must be understood and adhered to by businesses and individuals to keep their data security-sensitive.

1. Ransomware Attacks

The digital world is being plagued by ransomware right now. The number of ransomware attacks in 2021 was unprecedented, and it is expected to continue into 2022.

A ransomware program locks you out of your computer or encrypts your files, after which it demands a ransom in order to decrypt your files again, and give you access to them.

Businesses that rely on data access to run their daily operations are hurt greatly by this breach. This emphatically illustrates the importance that companies should place on their data security strategies.

Additionally, after the pandemic, more and more attacks have been reported since every information has been distributed electronically.

It’s not surprising that ransomware attacks have been increasing between 2020 and 2021, as more people are working from home.

A mid-year report states that the number of cyberattacks increased by 93% in 2021 compared to 2020, making it the worst year of all time in history for ransomware attacks. Altogether, 304.7 million attempts to download ransomware were reported between January and June.

2. IoT (Internet of Things)

Almost every time we are surrounded by digital devices such as smartphones, laptops, computers, smart lights, watches and many more. The internet of things carries enormous data that transmits daily online. Now, when everything is stored online, it creates a loophole for hackers to access the data.

From the smart lights in your room to your smart television to microwave almost everything is connected online and has enormous data that can be used for malicious purposes.

According to a Statista report, the number of Internet of things devices connected will cross 15.9 billion worldwide by 2030. This has widened the scope for cybersecurity challenges faced by businesses and individuals.

The Denial of Service or DOS attack is the most common cybersecurity challenge faced by online users. Hackers hack the web server and deny access to user information.

3. Cloud Attacks

Cloud computing has taken the world by storm, it has revolutionized the whole concept of data storage. It has reduced the cost of maintaining physical servers, hardware, and purchasing accounting software and has leveraged the efficiency of the business operations.

Now, businesses from all over whether small or large use cloud computing, hence much sensitive information is stored on the virtual servers. It has given hackers the chance to access the data and steal it for their benefit.

Authentication, encryption, and incorrect cloud configuration are the primary reasons for compromised cybersecurity. The cloud needs to be secure and protected, so sensitive information can remain intact.

4. Phishing Attacks

The information technology industry is facing a growing number of phishing threats, with a large number of people opening and responding to phishing emails.

Despite the ubiquity of phishing emails and malicious URLs on the internet, phishing emails and malicious URLs are becoming more relevant, personalized, and geo-targeted. The use of these tactics is forcing fraudsters to deploy increasingly complicated methods to produce effective corporate email compromise (BEC) campaigns.

Comprehensive security awareness programs are being implemented and funded by organizations. Furthermore, businesses are using simulators that provide a vision and forecast of evolving phishing trends and cyberattack techniques.

5. Cryptocurrency and Blockchain

Hackers are most interested in digital currency or wallets. Data security has been made more challenging by the rise of this new technology, transforming the world of physical currency.

Digital wallets are highly vulnerable to many blockchain-based attacks, such as DDOS,  Eclipse, Poly, and Sybil. In order to improve the cloud security of blockchain technology, effective measures must be taken.

It was reported by BBC in December 2021 that hackers destroyed the BitMart exchange’s data and the investments could not be recovered.

The FinCEN report shows that ransomware attacks were launched using 177 different digital wallet addresses for convertible currencies. Because of this, market regulators have a difficult time protecting investors’ data.

Accordingly, many cryptocurrency and blockchain attacks will be possible in the coming years at a rapid rate.

6. Cyberattacks involving mobile devices

In e-commerce and other platforms, the majority of the software is accessible through mobile platforms. Attackers are taking advantage of mobile devices to target mobile users. Due to the fact that mobile users utilize their devices for business and personal communication, retail, medical, wallet, shopping, and hotel reservations, they are considered easy targets for cybercriminals.

Cybercriminals commonly use mobile devices as attack vectors. Approximately 70% of mobile transactions are fraudulent.

7. Cyber-Attacks on Financial Services

Organizations in the financial industry continue to migrate to the cloud while adhering to the rules. Social media and other lines of communication may also be exposed to phishing attempts.

Cyberattacks are more common in financial organizations, costing each company an average of $18.3 million annually due to phishing attacks and data breaches.

8. Green 5G Network is being Built by Governments

As part of the digital revolution, devices are increasingly connected in order to share data and conduct self-control (IoT) tasks. In order to successfully implement the Internet of Things (IoT), devices need to be connected to a high-performance network, such as 5G.

As a result of a smart city’s reliance on telecommunications, where everything is connected, a number of governments have declared 5G networks national infrastructure. There is growing concern over their security. To summarize, addressing security concerns early in the design process is paramount to a secure 5G network.

9. Disruption in Supply Chain

Cybersecurity trends are still largely unknown, and many industries are still grappling with how to protect their networks amid the pandemic’s chaos and uncertainty. Nevertheless, existing trends offer a glimpse into what is to come. Information technology security product developers and administrators will be highly sought after for many years to come.

In 2022, cybersecurity trends will include:

1. The dramatic rise in supply chain attacks
2. Ransomware on the surge
3. Microsoft Update glitches and bugs
4. Massive issue with remote work
5. Data security and authentication change
6. Machine learning and AI or artificial intelligence favoring prevention over mitigation
7. Real-time data visibility

10. Basic security is Forgotten with Adoption of New Innovations

A host of AI and ML solutions will be available in 2022. As organizations rush to integrate these innovations, some will probably ignore or forget about cybersecurity fundamentals.

In addition to ensuring the successful use of emerging technologies, as well as protecting the organization from attack, these can include essentials such as endpoint detection, credential security, and firewalls.

As businesses implement new technologies, they must be mindful of security, otherwise, they leave themselves vulnerable.

11. An Increase in Insurance Premiums

Since attacks are growing rapidly and premiums are rising, cybersecurity insurance companies need to re-evaluate their business model. Using granular approaches to determine premiums based on each organization’s activities will reduce the threat of an attack.

Security policies and cyber solutions are being integrated directly into insurance policies and companies should expect discounts linked to integrating specific policies.

Mid-sized organizations are likely to see an increase in platforms that help them meet the evolving requirements for cybersecurity insurance, as a result of this shift.

Using these solutions, businesses will be able to stay abreast of the ever-changing threat landscape and implement them with fewer resources.

Conclusion:

Cybersecurity is on the cusp of taking over the world, so security teams need to tighten up their measures and make applications to be prepared for the challenges. Hackers aren’t hesitant to use loopholes in your security system to gain access to your data,  allowing them to use malicious practices against it.

It is only by implementing proper security practices in your organization that you can ensure your data will be safeguarded in the coming years as we saw in 2021.

Their security process must be more adaptable and flexible to improve their overall risk posture as a result of the key learnings from 2021.

With half the world moving towards a work from home setup, the risk of your business security is a worrying point. In a recent survey,  87% of small business owners do not seem to prioritize this as a concern. In another staggering study, it was also seen that half of the small businesses are prone to a cyber attack.

Businesses that are based online are a soft target for hackers. These businesses have a lot of data to take care of and not all their security measures are always efficient. Hackers can steal this information and put your business in jeopardy greatly. But, cybersecurity for your business becomes integral, because the biggest way to put your business at risk is when you haven’t taken measures to secure it.

So, in this article, we will take a look at how cybersecurity for your business is important and what are the top 5 ways to ensure cybersecurity for your business:

5 Ways to Ensure The Cyber Security of Your Business

While we recommend using a trusted software to keep the cybersecurity of your business intact, here are some additional tips you can use:

• Train Your Employees Well
  
  Firstly, we recommend that you have a business security plan, especially pertaining to cybersecurity. Your employees should be well acquainted with this. It should have guidelines on the best practices, especially the ones that you expect your employees to follow in the event of a crisis. You should tell them about your cybersecurity policy as well as the protocols that the employees must follow in case a breach occurs. Educate them about simple practices like creating strong and unique passwords for each of the accounts. Also, tell them to avoid using company accounts on personal devices without stringent security measures. Encourage them to use a two-factor authentication method to keep data safe. All of these measures would surely help in taking a step towards setting up a safe framework for efficient cybersecurity.

• Keep your computers updated and in sync with the latest technology

One of the best ways to ensure cybersecurity for your business is on track is by regularly updating your company devices. This includes your laptops, desktops as well as mobile devices that you provide to your employees. Make sure that your operating systems as well as web browsers are updated and are protected (via MDM Software)against any threats that may harm you and your client’s data. Have a dedicated team or resource to keep a check on new versions of software that you are using, which includes security software too. Nearly, all software stored in your computer requires regular updates. On the other hand, follow up on your cloud software being up to date, as the update process will be facilitated by the provider of the cloud software.

•  Create regular backups
  It is also necessary to create a regular backup of information for all your devices. In case the information gets stolen or is missing, you should have a quick stand-by ready. All your vital information needs to have a backup. For instance, you may keep necessary vendor information in a shared folder on your desktop. But, we also recommend keeping it on a stand-by hard disk for easy access in case your shared folder gets lost. Additionally, you should have a copy of your passwords too. The key decision-makers and the IT department of the company must have easy access to these. Otherwise, in a time of crisis, it can get tricky to retain important information.

• Secure your wifi and network connectivity
  Your business WiFi is pretty much the first point for the cybersecurity of your business to be compromised. Secure your WiFi in a manner that only the IT department of your company knows the passwords. Do not circulate all the passwords amongst employees either. Let the IT resource set up the company WiFi for them on their preferred device. In case, you wish to have WiFi for your consumers and clients to use, then make use of a different network. Guests should not have the same WiFi as employees. This can help you in keeping cybersecurity intact and prevent hackers from attacking your data through your WiFi.

• Limit admin access and the decision making should lie with a limited number of people
  Have a set limit for people who get access to your company computers as well as accounts. Even a well-known, trusted person should not be given access to the computers or this information that is typically unauthorized for usage. For instance, we don’t recommend letting a client borrow your laptop to simply look something up. Additionally, employees from different teams should have different levels of access to technology. An accountant need not share accounting and financial information with other colleagues. Similarly, the IT team should have all networking passwords secure with them so as to keep the cybersecurity of business intact.

With the aforementioned measures, you can figure out a strategic plan to ensure the cybersecurity of your business. All of these will surely help in keeping your business safe currently and away from any harm caused by hackers. We also recommend using safe communication tools for your team so that all official data is kept safe and there is no hindrance in the communication either.